TREE TOP
ActiveSummary
TREE TOP has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €32,660 and a net result of €18,902. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 21% of 8737 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▲+24
Solvency43▼-17
Growth58▲+6
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000 at 30 days acceptable
Liquidity tight (current ratio 1.19 against 1.96 in 2024; short-term debt: 28% and cash: 8.9% of total assets), and 81.8% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
18.2%
Return on assets
10.5%
Age of the figures
12 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 8737 sector peers (2025).
NBB · sector comparisonPosition among 8737 sector peers
Solvency
better than 21%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 27-04-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2024
5 d early
2023
132 d early
2022
19 d early
2021
10 d early
2020
1 d early
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 24 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€32,660▼ 62.8%
2024 · €87,751
Total assets
€179,935▼ 28.5%
2024 · €251,793
Net result
€18,902▲ 794%
2024 · €2,115
Working capital
€9,577▼ 80.3%
2024 · €48,513
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€63▲ 99.9%€38,530€56,045▲ 45.5%€10,240▼ 81.7%€30,930▲ 202%
Net result-€6,897▲ 90.0%€35,588€43,728▲ 22.9%€2,115▼ 95.2%€18,902▲ 794%
Equity€6,320▼ 52.2%€41,908▲ 563%€85,636▲ 104%€87,751▲ 2.5%€32,660▼ 62.8%
Total assets€293,092▼ 11.8%€274,365▼ 6.4%€288,947▲ 5.3%€251,793▼ 12.9%€179,935▼ 28.5%
Debt€286,772▼ 10.1%€232,457▼ 18.9%€203,311▼ 12.5%€164,042▼ 19.3%€147,275▼ 10.2%
Working capital-€9,559▼ 219%€28,091€53,110▲ 89.1%€48,513▼ 8.7%€9,577▼ 80.3%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 202% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €179,935
Fixed assets
€119,905 ▼ 21.6%
Current assets
€60,031 ▼ 39.3%
Equity and liabilities €179,935
Equity
€32,660 ▼ 62.8%
Debt
€147,275 ▼ 10.2%
Debt's share of the balance-sheet total rises from 65.1% to 81.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€64,001▲
2024 · €43,769
Cash flow
€51,973▲
2024 · €35,644
Current ratio
1.19▼
2024 · 1.96
Debt to equity
4.51▲
2024 · 1.87
ROE
57.9%▲
2024 · 2.4%
ROA
10.5%▲
2024 · 0.8%
Interest coverage
18.13▲
2024 · 4.64
Debt ≤ 1 year
€50,454▲
2024 · €50,304
Debt > 1 year
€96,822▼
2024 · €113,738
Income taxes
€8,497▲
2024 · €2,001
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,049 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 96% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
2.3%
stopped otherwise
96%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 5,049 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €11,460 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €42,237 | €42,149 | €32,745 | €33,530 | €33,071 | ▼ 1.4% |
| Other operating charges640/8 | €3,723 | €3,022 | €4,060 | €3,402 | €3,446 | ▲ 1.3% |
| Gross operating margin9900 | €45,897 | €83,702 | €92,850 | €47,172 | €67,447 | ▲ 43.0% |
| Operating profit (loss)9901 | -€63 | €38,530 | €56,045 | €10,240 | €30,930 | ▲ 202% |
| Financial income75/76B | €2 | €3,139 | €2,384 | €3,315 | - | - |
| Recurring financial income75 | €2 | €3,139 | €2,384 | €3,315 | - | - |
| Financial charges65/66B | €6,340 | €5,582 | €7,970 | €9,439 | €3,531 | ▼ 62.6% |
| Recurring financial charges65 | €6,340 | €5,582 | €7,970 | €9,439 | €3,531 | ▼ 62.6% |
| Profit (loss) for the period before taxes9903 | -€6,401 | €36,087 | €50,459 | €4,116 | €27,399 | ▲ 566% |
| Income taxes67/77 | €496 | €499 | €6,730 | €2,001 | €8,497 | ▲ 325% |
| Profit (loss) for the period9904 | -€6,897 | €35,588 | €43,728 | €2,115 | €18,902 | ▲ 794% |
| Profit (loss) for the period to be appropriated9905 | -€6,897 | €35,588 | €43,728 | €2,115 | €18,902 | ▲ 794% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €293,092 | €274,365 | €288,947 | €251,793 | €179,935 | ▼ 28.5% |
| Fixed assets21/28 | €246,682 | €205,527 | €186,505 | €152,976 | €119,905 | ▼ 21.6% |
| Tangible fixed assets22/27 | €246,682 | €205,527 | €186,505 | €152,976 | €119,905 | ▼ 21.6% |
| Land and buildings22 | €218,701 | €188,826 | €181,470 | €149,421 | €117,618 | ▼ 21.3% |
| Plant, machinery and equipment23 | - | €901 | €702 | €503 | €304 | ▼ 39.5% |
| Furniture and vehicles24 | €27,981 | €15,800 | €4,333 | €3,052 | €1,982 | ▼ 35.0% |
| Current assets29/58 | €46,410 | €68,838 | €102,441 | €98,818 | €60,031 | ▼ 39.3% |
| Amounts receivable after more than one year29 | €22,000 | €22,000 | €22,000 | - | - | - |
| Other amounts receivable291 | €22,000 | €22,000 | €22,000 | - | - | - |
| Amounts receivable within one year40/41 | €183 | €17,952 | €40,210 | €86,976 | €43,367 | ▼ 50.1% |
| Trade receivables40 | - | €2,725 | €6,636 | €2,900 | €5,305 | ▲ 82.9% |
| Other amounts receivable41 | €183 | €15,227 | €33,574 | €84,076 | €38,061 | ▼ 54.7% |
| Cash at bank and in hand54/58 | €22,462 | €26,870 | €39,775 | €11,357 | €15,963 | ▲ 40.6% |
| Deferred charges and accrued income490/1 | €1,765 | €2,016 | €455 | €485 | €701 | ▲ 44.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €293,092 | €274,365 | €288,947 | €251,793 | €179,935 | ▼ 28.5% |
| Equity10/15 | €6,320 | €41,908 | €85,636 | €87,751 | €32,660 | ▼ 62.8% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €75,858 | €75,858 | €79,436 | €81,551 | €26,460 | ▼ 67.6% |
| Non-distributable reserves130/1 | €1,865 | €1,865 | €1,865 | - | - | - |
| Reserves not available under the articles1311 | €1,865 | €1,865 | €1,865 | - | - | - |
| Distributable reserves133 | €73,993 | €73,993 | €77,571 | €81,551 | €26,460 | ▼ 67.6% |
| Profit (loss) carried forward14 | -€75,738 | -€40,151 | - | - | - | - |
| Amounts payable17/49 | €286,772 | €232,457 | €203,311 | €164,042 | €147,275 | ▼ 10.2% |
| Amounts payable after more than one year17 | €230,803 | €191,710 | €153,980 | €113,738 | €96,822 | ▼ 14.9% |
| Financial debts170/4 | €230,803 | €191,710 | €153,980 | €113,738 | €96,822 | ▼ 14.9% |
| Amounts payable within one year42/48 | €55,969 | €40,747 | €49,331 | €50,304 | €50,454 | ▲ 0.3% |
| Current portion of amounts payable after more than one year42 | €38,276 | €39,093 | €38,638 | €40,241 | €41,917 | ▲ 4.2% |
| Trade debts44 | €238 | €605 | €686 | €482 | €548 | ▲ 13.6% |
| Suppliers440/4 | €238 | €605 | €686 | €482 | €548 | ▲ 13.6% |
| Taxes, remuneration and social security45 | €8,014 | €1,049 | €10,007 | €9,581 | €7,989 | ▼ 16.6% |
| Taxes450/3 | €8,014 | €1,049 | €10,007 | €9,581 | €7,989 | ▼ 16.6% |
| Other amounts payable47/48 | €9,441 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,897 | €35,588 | €43,728 | €2,115 | €18,902 | ▲ 794% |
| + Depreciation and write-downs630 | €42,237 | €42,149 | €32,745 | €33,530 | €33,071 | ▼ 1.4% |
| Operating cash flow (approximation) | €35,340 | €77,737 | €76,473 | €35,644 | €51,973 | ▲ 45.8% |
| Investment in fixed assets (approximation) | - | -€995 | -€13,723 | €0 | €0 | - |
| Change in cash | - | €4,408 | €12,905 | -€28,419 | €4,606 | ▲ 116% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
25-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2023
20-12
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
30-09
Financial
Highest result since 2018net €43,728 ▲22.9%
Operating result €56,045, net result €43,728, both a record.
11-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-09
Financial
Back to profitnet €35,588
Net result €35,588 after 2 loss-making years.
30-09
Financial
Liquidity doublescurrent ratio 1.69
Current ratio from 0.83 to 1.69; short-term debt falls from €55,969 to €40,747.
20-04
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
29-04
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
30-09
Financial
Weakest financial yearnet -€68,842
Net result drops to -€68,842, the lowest in the series; recovery starts the following year.
30-04
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
26-03
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
08-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 8 days late
2017
29-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Kapellen · 1 establishment unit since 2008
Ground area
3,220 m²
Building footprint
232 m²
Volume, LiDAR
1,023 m³
Parcel 11023I0110/00N002, Flanders · tallest building 7.0 m, ±1 floor. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Tree Top
since 20082.168.596.237
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11023I0110/00N002 | Flanders | 3,220 m² | 1 · 232 m² | 7.0 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,590. 35,088 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded21-01-2008
Fiscal year end30-09
Activities, NACEBEL 2025
70200Business and other management consultancy
66300Activities auxiliary to financial services and insurance activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0895141734
Also
9925:BE0895141734
Registered
22-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.